Now that BofA CEO Brian Moynihan appears to be coming out against fees, and instead looking to bring down costs by pushing mobile banking, he might actually create some much-needed customer goodwill.

Here are some examples of the fees that have generated the most attention in retail banking over the past few years.

Monthly maintenance fees – The most standard fee, this charges your account each month, usually if one falls below a minimum balance or uses another service that might make up for the cost for their account J.P. Morgan’s Chase bank, the nation’s top bank by deposits, charges $12 a month unless a customer maintains a $1,500 average daily balance or uses direct deposit or Chase investment accounts. Citibank increased its charge to $10 from $8 if an account falls below $1,500 or if the customer doesn’t have direct deposit or automatic billpay set up Wells Fargo charges $7 for an account that doesn’t get paper statements, though it can also be avoided with balances and using other services.

The account closing fee – Some banks took to raising cash off of the customers they had already driven out, a sort of kick on the way out the door. Chase had a closing fee but canceled it. PNC set up a $25 fee for closing an account.

The check-cashing fee for outsiders – Other banks have taken to charging the people that aren’t their customers. TD Bank has started charging $5 for cashing a check for anyone who didn’t have an account with the bank. According to MyBankTracker.com, most banks have similar charges.

The teller fee – As part of BofA’s testing, the bank rolled out an account that it would waive monthly fees if a customer stuck to online banking or using ATMs. When the bank suffered a long website outage last year and posted a message telling customers to try a branch, some customers were stuck, and not too happy.

Returned mail fees – Move and forget to change your address with the bank and it may cost you. Citizens Bank charges $6 for each piece of returned mail and some banks charge up to $15 if a piece of mail is returned to sender.

Comments (2 of 2)

what about banks lowering interest revenue on all of its depositors. depositors that have high balances are subsidizing these low balance users that banks don't want but politicans force them to take.

each generation is getting dumber, lazier and reliant on others to take care of them. we're doomed.

12:49 pm December 1, 2012

david campbell wrote :

until I saw the receipt four $9282, I did not believe that...my... father in law really bringing in money in their spare time from their laptop.. there uncles cousin has been doing this for less than twenty two months and resantly cleard the depts on there mini mansion and bought a top of the range Mercedes. this is where I went,,........ WWW,BIT40,ℂOℳ

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